5-Year U.S. Treasury Note Futures (ZF) Contract Specifications
What you're trading
The CBOT 5-Year Treasury Note future (ZF) gives you exposure to the intermediate part of the yield curve through a contract deliverable against eligible U.S. Treasury notes with an original maturity of not more than 5 years 3 months and a remaining maturity of not less than 4 years 2 months from the first day of the delivery month. ZF is used to express views on the 3–5 year part of the curve, which is particularly sensitive to Fed policy expectations over a medium horizon, and it's a common leg in curve trades against ZN (10-year) or ZT (2-year).
Contract size
$100,000 face value of U.S. Treasury notes.
Tick value
Minimum price fluctuation is one-quarter of 1/32 of a point ($7.8125 per contract). A full 1-point move equals $1,000 per contract, and a 1/32 move equals $31.25.
Trading hours
CME Globex: Sunday 5:00 p.m. CT through Friday 4:00 p.m. CT, with the 4:00–5:00 p.m. CT maintenance halt Monday through Thursday. Daily settlement at 2:00 p.m. CT.
Settlement type
Physically delivered against eligible Treasury notes. Contract months are March, June, September, and December. Trading terminates on the last business day of the delivery month.
Margin snapshot
ZF margin is lower than ZN because the 5-year has less duration (less price sensitivity per basis point move in yield).
|
Initial margin (overnight) |
~$1,500–$1,900 per contract (approximate; varies with volatility) |
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Maintenance margin |
~$1,400–$1,730 per contract |
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Day-trade margin |
Broker-set; often a fraction of overnight margin |
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Face value (reference) |
$100,000 per contract |
Margins change with market volatility and vary by broker. The figures above are approximate and for reference only — always confirm current requirements with MetroTrade support or on the CME margin page before trading.